Oil Repeating $200 Billion Cut Risks Imbalance, Eni CEO Says
- Eni's Claudio Descalzi speaks at COP21 event in France
- Descalzi more concerned by investment cuts than oil prices
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The global oil industry is set to repeat this year’s $200 billion of investment cuts in 2016, raising even more concerns than the current slump in crude prices, according to the chief executive officer of Italy’s Eni SpA.
"What is worrying me is not the price of today; it is what is happening in the industry,” CEO Claudio Descalzi said in an interview with Bloomberg TV from the COP21 climate change conference in Le Bourget, France. “We cut about $200 billion and I think next year we are going to do the same and that can create in the mid term an imbalance between supply and demand."